http://MikesDailyMarketReport.com: Consumer Spending's March data was revised higher by 0.3% to 1.4%; while April it rose by 0.9%. However, it's counter-part, Personal Income, only rose 0.3% in April. Consumer Sentiment dropped from 59.1 in April to 58.4 in May. Now, the big news! Personal Consumption Expenditure (PCE) rose only 0.2% in April, as it's YoY dropped from 6.6% in March to 6.3% in April. The Core PCE, which excludes food and energy, rose 0.3% in April while it's YoY dropped 0.3% to 4.9%. The Core PCE is the Fed's favorite gauge for inflation, which is why it is highly sensitive data and can create a lot of volatility in the Markets. Today's numbers helped the Markets, as Investors are feeling a bit more optimistic about inflation peaking. Stocks are Up today; and appear to have a positive week -thus ending some long losing streaks in the process. MBS has been teetering back and forth in positive and negative territory, but not enough to swing Mortgage Rates in either direction after yesterday's close. So, Mortgage Rates remain Unchanged! However, sometimes heading into a long weekend, we will receive an extra boost before Market close because it provides safety for investors' funds in case of any surprises over the long weekend. Let's see! Yields are currently around 2.74%.
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